Ashton Stewart & Co. Research
Advisory Approach
Ashton Stewart & Co. is a premier independent middle-market investment bank founded in 1999 and headquartered in Miami, Florida. The firm operates with a clear thesis: independent advice free from conflicts of interest, combined with institutional-quality execution and long-term client relationships. Rather than chasing every transaction, Ashton Stewart concentrates on sectors and markets where they can excel, emphasizing the pursuit of excellence and building sustained partnerships with clients seeking guidance on their most important strategic issues.
The firm combines extensive Wall Street, operating, and private equity investment experience with a commitment to personal service and multi-disciplinary perspective. They take a long-term approach to client relationships, often working to meet clients' multiple transaction, financing, and strategic needs. This philosophy of pragmatic innovation, integrity, and intellectual rigor has established them as a trusted advisor to middle-market corporations, partnerships, family offices, and institutions globally.
Sector Focus
Ashton Stewart maintains expertise across multiple high-value sectors. A significant portion of the firm's transaction activity flows through specialized advisory platforms: Southwind Capital focuses on aerospace, defense, and intelligence community transactions; TXN Advisors specializes in corporate development and M&A for technology and defense-related services; and Stonehaven Capital, a portfolio company, focuses on private equity and debt investments in specialized sectors.
Within aerospace and defense, the firm has demonstrated deep expertise advising on complex transactions involving satellite communications, defense contractors, intelligence community service providers, and government services firms. Deal experience includes advisory work on transactions ranging from smaller acquisitions to significant platform investments, with a particular strength in sell-side advisory for businesses selling to private equity buyers, strategic acquirers, and family offices.
The firm also maintains active capabilities in technology services, business services, financial services, and professional services. Their M&A practice serves clients seeking guidance on corporate sales, joint ventures, spin-offs, divestitures, financial restructuring, equity transactions, and complex multi-step strategic transactions.
Process & Fee Structure
Ashton Stewart runs institutional-quality advisory processes. The firm does not disclose specific fee structures publicly, but as a FINRA-registered broker-dealer, they offer flexibility in engagement terms to meet diverse client needs. Typical engagements include:
- Exclusive sell-side M&A advisory
- Buy-side advisory for strategic and financial buyers
- Capital formation assistance (equity and debt)
- Corporate development and strategic planning
- Financial restructuring and recapitalization advisory
The firm's approach emphasizes understanding each client's unique objectives and circumstances before designing the transaction process. This customized approach extends to process structure, timeline, and buyer outreach strategy, ensuring alignment with client goals rather than defaulting to standardized processes.
Buyer Network
Ashton Stewart has cultivated relationships with thousands of institutional investors and strategic acquirers across multiple sectors. The firm maintains particularly strong relationships within:
- Private equity firms active in aerospace, defense, and technology sectors
- Strategic acquirers in industrial services and defense-related businesses
- Family offices and institutional investors
- Government contractors and systems integrators
Recent transaction activity demonstrates relationships with PE firms including DFW Capital Partners, and strategic buyers including Boeing, QinetiQ North America, Kratos Defense & Security Solutions, ManTech International, and other leading defense and intelligence services companies. These relationships, developed over 25+ years, provide clients with access to a deep bench of qualified buyers.
Deal Track Record
Ashton Stewart (via affiliated advisory platforms) has advised on significant transactions in aerospace, defense, and intelligence services. Representative transactions include:
- Industrial Security Integrators transaction with DFW Capital Partners (2025, sell-side advisory)
- Sale of aerospace/satellite communications companies to strategic acquirers (2020-2024 period)
- Multiple intelligence community service provider acquisitions by PE and strategic buyers
- Aerospace defense company sales to Fortune 500 and leading defense contractors
- Satellite communications and space technology transactions
- Defense services recapitalizations and platform acquisitions
The firm has tracked experience with 50+ aerospace, defense, and intelligence community transactions over the past decade, demonstrating consistent activity and deep sector relationships.
Competitive Positioning
Ashton Stewart differentiates through:
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Independence: As a fully independent firm, they offer advice free from internal conflicts of interest or mandatory buyer relationships.
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Sector specialization: Through platforms like Southwind Capital, the firm has built unusually deep expertise in aerospace, defense, and intelligence community transactions—sectors that require specialized knowledge of government contracting, security clearances, ITAR compliance, and buyer landscape nuances.
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Institutional execution: FINRA-registered broker-dealer status, combined with 25+ years of market experience, ensures institutional-quality processes and credibility with sophisticated buyers.
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Long-term relationships: Unlike transactional advisory shops, Ashton Stewart builds sustained client relationships, often handling multiple transactions for the same client over years.
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Multi-platform approach: The firm's ability to coordinate across TXN Advisors (corporate development), Southwind Capital (defense/aerospace), and Stonehaven Capital (PE/investing) creates unique positioning to serve clients with complex, multi-step transactions.
Not a Fit If
Ashton Stewart typically declines:
- Businesses seeking only strategic advice without transaction execution capability
- Clients prioritizing commodity pricing over quality execution
- Transactions in sectors outside their core expertise where they lack conviction of superior execution capability
- Situations requiring specialized expertise (IPOs, debt restructurings) better served by larger advisory platforms
Team
Ashton Stewart is led by Anatoly Burman as CEO and Chief Compliance Officer. Burman has been registered with the firm since 2015 and holds FINRA Series 7, 24, 14, and 63 registrations, demonstrating deep securities law and compliance expertise. He is also a shareholder in Ashton Stewart International Holdings (the holding company) since 2019.
The firm was founded by Wm. Braun Jones, III, a serial entrepreneur and investment banker with 35+ years of experience. Jones founded The McLean Group (2000-2005, sold in 2005), co-founded Outcome Capital as managing director and co-owner (2005-2014), and founded Ashton Stewart International Holdings (exited through MBO in 2019). Jones maintains involvement through Stonehaven Capital and serves on multiple boards.
Specialized advisory support comes through affiliated platforms:
- Matthew Locastro and William E. Dyess lead TXN Advisors (corporate development and M&A advisory)
- Southwind Capital's leadership team brings deep aerospace, defense, and intelligence community sector expertise
All securities transactions are conducted by FINRA-registered representatives, ensuring full compliance with securities regulations.
Geographic Coverage
The firm serves clients nationally and internationally, with offices in:
- Miami, FL (main office): 1395 Brickell Ave, Suite 800
- New York, NY: Registered branch
- New Jersey: Branch operations in Upper Saddle River
- Washington, D.C. region: Via affiliated TXN Advisors platform
The firm is registered as a broker-dealer in all 50 U.S. states and multiple territories, enabling nationwide advisory capability.
Founded Year and Team Size
Founded in 1999 in Indiana, Ashton Stewart has grown into a multi-platform financial services holding company. The firm maintains a focused team structure emphasizing quality over scale—concentrating on sectors and clients where they can deliver superior results rather than pursuing broad market coverage. The holding company (Ashton Stewart International Holdings) owns the broker-dealer alongside affiliated advisory platforms and asset management operations.